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Thursday, October 2, 2008

McCain just a Good Ole Boy

“This is a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain, a theory that basically says that we can shred regulations and consumer protections and give more and more to (those who have) the most and somehow prosperity will trickle down,” the Democratic presidential candidate said.

A recession—and a deep one, many economists now say—is all but certain to grip the U.S. economy and reverberate worldwide. It is to begin (if it hasn’t already) after a period in which household incomes among middle-class Americans never struggled back to the level they’d reached in 2000, before the last recession. With inflation factored in, median household income among working-age families (those headed by someone under 65) fell by $324 between 2000 and 2007, according to Census Bureau data analyzed by the Economic Policy Institute.